MetroPCS lost 312,000 subscribers in the third quarter, below the consensus of a loss of 201,000, according to a research note this morning from Moffett. In the year-ago quarter, MetroPCS added 69,000 subscribers, Moffett’s note said.

All told, MetroPCS’ results, combined with “surprisingly weak” results in Sprint Nextel Corp’s prepaid segment, “add further credence to the thesis that we are witnessing widespread market weakness in the pre-paid segment,” Moffett wrote.

Were there growth among wireless subscribers who pay at the end of the billing cycle, it would be easier to speculate that momentum had swung to that end of the spectrum.

“But the high end appears to be equally weak,” Moffett wrote. “The evidence is becoming overwhelming that we are witnessing a sharp deceleration in the wireless market overall.

“We have nearly reached saturation.”

A MetroPCS spokesman wasn't immediately available for comment Tuesday.